The Financial Brand Insights - Fall 2021

” People lost nearly $2 billion to fraud in 2019, an increase of $293 million from 2018. Imposter scams were the most reported and accounted for $667 million in losses. Indications are that the surge in digital commerce after Covid lockdowns were imposed has pushed cybercrime even higher. - Javelin Strategy and Research

3Ways to Keep Data Fraud From Sabotaging Digital Banking CX

a nd accounted for $667 million in losses. Indications are that the surge in digital commerce after Covid lockdowns were imposed has pushed cybercrime even higher.” This is especially worrisome in the age of open banking and open finance. While people have come to expect a sophisticated and simple digital experience from their financial apps, the more data that is openly shared, the greater the risk of fraud. A Rock and A Hard Place: People want easy access to all their financial data, but that makes financial institutions’ job that much trickier. However, when customers are losing billions to fraud, it’s imperative banks, credit unions and fintechs focus on fraud mitigation. As fintechs and other organizations continue to increase data sharing in order to provide better customer experiences, data security has taken a central role in ensuring that peoples’ information is kept safe all along the different touch points in

terms is a way to understand and make sense of the transactional data flowing into your organization. The quicker you can understand transactions, the faster you can identify and act on anything that seems out of place. There are three ways to keep customer data secure: empower your customers with the right tools, make your data easily understandable, and work with vendors who have the highest security standards when it comes to data sharing. 1. Empower Your Customers With The Right Tools One way to help reduce fraud or perceived fraud is by giving people tools that make it easy for them to see what’s going on with their finances. If your customers can’t understand their financial transactions, they’re more likely to miss what could be potential fraud. By enhancing your data with a legible and interpretable transaction feed, people can tell if any transactions seem suspicious at a glance.

the customer’s digital financial journey. HowUnderstanding Your Data Helps Combat Fraud

Consumer financial data is extremely valuable, so needless to say, hackers will continue to find and develop more intelligent methods for accessing it. At the same time, data sharing is critical for fintechs to be able to compete effectively in the evolving financial ecosystem. With in-person shopping experiences at a steady decline, and mobile and online e-commerce transactions on a steady rise, fintechs and financial institutions need to find a secure way to deliver on their customers’ demands while minimizing risk. This is exactly where data enhancement comes in. What data enhancement means in simple

Fraudulent transactions in the financial industry have been increasing as customer behavior continues to shift towards a digital-first mindset. According to a report by PwC’s Global Economic Crime and Fraud Survey 2020 , “respondents reported losses of a whopping $42 billion over the past 24 months.” What’s more, it seems that fraudsters are profiting. According to a report by Javelin Strategy and Research , “ People lost nearly $2 billion to fraud in 2019, an increase of $293 million from 2018. Imposter scams were the most reported

By MX

Peoples’ financial information is critical for creating digital-first experiences. However, as data sharing increases in the age of open banking, so does the risk of fraudulent activity. The best defense financial institutions and fintechs have when it comes to preventing fraud is understanding their data.

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THE FINANCIAL BRAND INSIGHTS FALL 2021

THE FINANCIAL BRAND INSIGHTS FALL 2021

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